Russia prioritises investment over BRICS currency talks
Russian officials have clarified that the BRICS bloc is currently not considering a shared currency, focusing instead on developing investment partnerships among member nations.
Dmitry Peskov, a spokesperson for the Kremlin, stated on January 31 that BRICS is concentrating on creating joint investment platforms to enhance economic cooperation.
This announcement comes amidst speculation regarding the bloc's potential shift away from reliance on the U.S. dollar, particularly in light of former President Donald Trump's warnings about possible tariffs on BRICS nations.
"BRICS has not and is not discussing the creation of a common currency," Peskov emphasised, reinforcing the group's commitment to investment rather than currency unification.
He elaborated that the focus is on facilitating mutual investments and supporting investments in third countries.
The BRICS group, originally formed by Brazil, Russia, India, and China in 2006, has expanded to include South Africa and recently welcomed new members such as Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia.
Despite ongoing discussions about reducing dependence on the U.S. dollar for international trade, there remains no consensus among BRICS members regarding a unified currency.
Some countries within the bloc have expressed concerns about the complexities associated with such a move and have suggested alternative strategies like trading in local currencies.
While Russian President Vladimir Putin has criticised Western sanctions that leverage the dollar as a geopolitical tool, he has also indicated that Russia is not actively pursuing an abandonment of the U.S. dollar.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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